please answer this question as soon as possible it's a question of making a financial statement. Question 1The Trial Balance of Miami FC Limited, a merchandising company which sells sports accessories, contained thefollowing accounts at December 31, 2022, the end of the company's financial year.Particulars4% Notes PayableAccounts PayableAccounts ReceivableDelivery VanAccumulated Depreciation-Delivery VanAuditor's FeeCashCommon StockCost of Goods SoldFreight Out Expense$ Particulars40,000 Gain on sale of property2,500 Land9,000 Merchandise Inventory95,900 Preferred Stock2,900 Rent Expense3,900Retained Earnings675,910 Salaries Expense2,0009,900Sales DiscountSales Revenue390 Supplies4,000200,00044,700100,0002,10059,0009,40048,000894,0005,200Additional Information:• $78,000 cash dividend was declared during the year.• The company is under 10% tax bracket.•The interest on the notes payable has not been paid yet.$3,000 of supplies have been used during the year.•Depreciation on the delivery van is to be charged on a reducing-balance basis at 12%.Physical check on December 31, 2022 reveals that inventory actually on hand is $45,700.Instructions: Prepare a multiple step income statement for the year ended December 31, 2022, a statement ofstockholders' equity for the year ended December 31, 2022 and a classified balance sheet as at December 31, 2022 forMiami FC Limited.

1. Multiple Step Income Statement for the year ended December 31, 2022ParticularsAmount ($)Sales…

Answered: Instructions: Prepare a multiple step…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 48E

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Instructions: Prepare a multiple step income statement for the year ended December 31, 2022, a statement of stockholders' equity for the year ended December 31, 2022 and a classified balance sheet as at December 31, 2022 for Miami FC Limited.